Delaware Investments National Municipal Income Fund Announces Additional Information Related to Its Self-Tender Offer for up to Fifty Percent of Its Common Shares
29 Octobre 2022 - 12:40AM
Business Wire
Today, Delaware Investments National Municipal Income Fund (the
“Fund”), a NYSE American listed closed-end fund trading under the
symbol “VFL,” announced additional information related to its
issuer tender offer to purchase for cash up to 10,478,347 of its
common shares, representing fifty percent of its issued and
outstanding common shares, with a par value of $0.01 per share. The
tender offer will commence on November 14, 2022 and will expire,
unless extended, at 5:00 pm, ET, on Tuesday, December 13, 2022.
Subject to various terms and conditions described in the offering
materials to be distributed to common shareholders, purchases will
be made at a price per share equal to 99% of the Fund’s net asset
value per share as of the close of trading on the first business
day after the expiration of the offer. If more shares are tendered
than the amount the Fund’s Board of Trustees has authorized to
purchase, the Fund will purchase a number of shares equal to the
offer amount on a pro-rated basis.
The Fund’s common shares have recently traded at a discount to
their net asset value per share. During the pendency of the tender
offer, the current net asset value per share will be available on
the Fund’s website at delawarefunds.com/closed-end.
The Fund’s investment objective is to provide current income
exempt from regular federal income tax consistent with the
preservation of capital. In addition, the Fund has the ability to
use leveraging techniques in an attempt to obtain a higher return
for the Fund. Currently, the Fund has outstanding variable-rate
preferred shares as leverage. There is no assurance that the Fund
will achieve its investment objectives.
Common shareholders are advised to read the offer to purchase
when it is available, as it contains important information.
The offer to purchase and other documents filed by the Fund
with the US Securities and Exchange Commission (“SEC”), including
the Fund’s annual report for the fiscal year ended March 31, 2022,
are or will be available without cost at the SEC’s website
(sec.gov) or by calling the Fund’s Information
Agent.
Listed closed-end funds are traded on the secondary market
through one of the stock exchanges. The Fund’s investment return
and principal value may fluctuate so that an investor’s shares may
be worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund’s portfolio. Past performance does
not guarantee future results.
The above is for informational purposes only and should not be
considered as an offer, or solicitation, to deal in any of the
investments mentioned herein.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims
to deliver positive impact for everyone. Trusted by institutions,
pension funds, governments, and individuals to manage more than
$US534 billion in assets globally,1 we provide access to specialist
investment expertise across a range of capabilities including
infrastructure, green investments & renewables, real estate,
agriculture & natural assets, asset finance, private credit,
equities, fixed income and multi asset solutions.
Advisory services are provided by Delaware Management Company, a
series of Macquarie Investment Management Business Trust, a
registered investment advisor. Macquarie Asset Management is part
of Macquarie Group, a diversified financial group providing clients
with asset management, finance, banking, advisory and risk and
capital solutions across debt, equity, and commodities. Founded in
1969, Macquarie Group employs approximately 18,000 people in 33
markets and is listed on the Australian Securities Exchange. For
more information about Delaware Funds by Macquarie®, visit
delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited ABN 46 008 583 542
(“Macquarie Bank”), any Macquarie Group entity noted in this
material is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these other Macquarie Group entities do not
represent deposits or other liabilities of Macquarie Bank.
Macquarie Bank does not guarantee or otherwise provide assurance in
respect of the obligations of these other Macquarie Group entities.
In addition, if this document relates to an investment, (a) the
investor is subject to investment risk including possible delays in
repayment and loss of income and principal invested and (b) none of
Macquarie Bank or any other Macquarie Group entity guarantees any
particular rate of return on or the performance of the investment,
nor do they guarantee repayment of capital in respect of the
investment.
1 As of June 30, 2022
© 2022 Macquarie Management Holdings, Inc.
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Lee Lubarsky 347 302-3000 Lee.Lubarsky@macquarie.com
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